Powell’s speech: Federal Reserve Chairman Jerome Powell said today that additional interest rate hikes still are on the table and rates could remain elevated for longer than expected. Powell spoke at the Jackson Hole Economic Symposium in Jackson Hole, Wyoming. Powell acknowledged that the Fed’s moves on monetary policy have brought down inflation but he emphasized that the Fed is sticking to its goal of bringing inflation down to 2%. Inflation has been just over 3% recently.
Biden and Zelenskyy talk: President Biden spoke with Ukraine’s President Zelenskyy today to congratulate him on Ukraine’s Independence Day. Biden noted that it has been about 18 months since Russia invaded Ukraine and reiterated the U.S. commitment to support Ukraine for as long as it takes. Biden and Zelenskyy discussed beginning U.S. training of Ukrainian fighter pilots and plans for other nations to transfer their F-16 fighter jets to Ukraine once pilot training has been completed.
Severe storms: The National Weather Service said today that two tornadoes may have been embedded in the strong storms that pounded parts of Wisconsin, Illinois, Michigan and Ohio last evening and overnight. There were five known fatalities. More than 630,000 customers were without power this morning in Michigan and Ohio.
Ruling on abortion pill: A U.S. District Court Judge in Charleston, West Virginia, has ruled that West Virginia can ban the use of a drug that induces abortion despite the U.S. Food and Drug Administration having determined many years ago that the drug is safe and effective. The ruling was made by U.S. District Court Judge Robert C. Chambers, who was appointed to the federal bench by Bill Clinton. Chambers ruled in a lawsuit filed by drug manufacturer GenBioPro, which makes a generic version of the abortion pill Mifepristone. The lawsuit was to challenge West Virginia’s ban on use of the drug.
Trump wants trial delay: Attorneys for Fulton County Jail inmate number P01135809, the number assigned to Donald Trump when he was arrested yesterday, say they oppose starting the trial of Trump and his 18 co-defendants on Oct. 23, as proposed by Fulton County District Attorney Fani Willis. Willis proposed the Oct. 23 trial date in response to a demand by Trump’s co-defendant Kenneth Chesebro for a speedy trial. Chesebro allegedly was an architect of the plan to use fake electors to steal the 2020 Presidential Election from Joe Biden.
Maui sues electric company: Maui County in Hawaii has filed a lawsuit against the Hawaii Electric Company and its subsidiaries alleging that the electric company caused the fires in Maui that left at least 114 known dead and hundreds missing. It’s alleged that the electric company kept its power lines energized despite warnings that high winds could bring down lines and cause dry brush to be ignited. The Washington Post reported that the electric company was being investigated for allegedly moving damaged equipment to prevent it from being examined by investigators.
WWE star Bray Wyatt dies: Windham Rotunda, who entertained wrestling audiences under the ring name Bray Wyatt, died of a heart attack on Aug. 24 at the age of 36. A three-time WWE world champion, he was a star of the Stamford-headquartered promotion from 2013 to 2021, returning in the fall 2022 through the innovative multimedia “White Rabbit” campaign. He was absent from the ring since February due to an undisclosed illness.
Cover photo courtesy of WWE
